Ftx Stock Trading

Billionaire Sam Bankman-Fried Explains Why Crypto Exchange FTX Passed on Funding Twitter Acquisition

The CEO of FTX reveals why the crypto exchange passed on financing Elon Musk’s acquisition of social media giant Twitter.

Sam Bankman-Fried, CEO of FTX tell its 793,500 Twitter followers that FTX remained on the sidelines because it was not clear how the social media platform would incorporate crypto-technology into its business model with Musk at the helm.

“We passed on Twitter because it didn’t seem like our strengths were necessary for Elon’s vision for Twitter (eg if he wanted to do blockchain-based social media, or blockchain wallets/payments, we’d be excited to working on it! And who knows, maybe he still will).”

In a recent interview with Forbes, Bankman-Fried also say that he spoke with Musk, and while he believes in Tesla’s CEO and his vision for Twitter, he wasn’t convinced that FTX should get involved.

“I’m very excited about what he’s doing. I think it’s going to hopefully revive Twitter. There are many open questions and very difficult questions that I think need to be answered. I think there’s a lot of upside in what he’s doing…

He has a vision for what he wants to do with Twitter, and I think his vision isn’t exactly the same vision that mine would be, but that’s fine. It doesn’t have to be. And ultimately I look at it as ‘Is this a case where our visions are complementary and that there’s really something I can add to it?’

I don’t think that ended up being the case, and so it became an opportunity where I didn’t feel like it made sense for us to get involved.”

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Featured Image: Shutterstock/Alisa9

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